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2018 (4) TMI 1266 - AT - Income TaxAddition u/s 68 as unexplained cash credit - discharge of initial burden of proof - Held that:- From the jumbled set of transactions of receiving and payment of substantial amounts from/to the third parties, specifically keeping in view the manner in which their proper recording in the books of account of the assessee had been given a go by, thus does not inspire much of confidence, but then we cannot also loose sight of the fact that the documentary evidence placed on record by the assessee substantially supports his claim. We thus restore the matter back to the file of the A.O for fresh adjudication of the issue under consideration. The A.O shall during the course of the set aside proceedings make necessary verifications from the aforementioned parties, viz. (i). M/s A.V. Forging Pvt. Ltd.; (ii). M/s Equichem Enterprises; (iii). M/s Shree Ganesh Enterprises ; and (iv). M/s Astec Life Sciences Pvt. Ltd., and shall re-adjudicate the issue.
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